DNB Asset Management AS reduced its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 5.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,919 shares of the medical equipment provider’s stock after selling 881 shares during the quarter. DNB Asset Management AS’s holdings in Align Technology were worth $5,837,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of ALGN. FMR LLC grew its position in shares of Align Technology by 251.6% in the 2nd quarter. FMR LLC now owns 1,705,510 shares of the medical equipment provider’s stock worth $583,523,000 after buying an additional 1,220,448 shares during the last quarter. Winslow Capital Management LLC bought a new stake in shares of Align Technology in the 2nd quarter worth approximately $148,376,000. BlackRock Inc. grew its position in shares of Align Technology by 1.7% in the 2nd quarter. BlackRock Inc. now owns 5,150,916 shares of the medical equipment provider’s stock worth $1,762,334,000 after buying an additional 84,512 shares during the last quarter. First Republic Investment Management Inc. grew its position in shares of Align Technology by 66.0% in the 2nd quarter. First Republic Investment Management Inc. now owns 201,947 shares of the medical equipment provider’s stock worth $69,094,000 after buying an additional 80,293 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of Align Technology by 702.4% in the 2nd quarter. Sei Investments Co. now owns 91,371 shares of the medical equipment provider’s stock worth $31,262,000 after buying an additional 79,984 shares during the last quarter. Hedge funds and other institutional investors own 78.56% of the company’s stock.
NASDAQ ALGN opened at $327.50 on Friday. Align Technology, Inc. has a twelve month low of $191.35 and a twelve month high of $398.88. The company has a market cap of $31.42 billion, a P/E ratio of 82.33, a PEG ratio of 2.61 and a beta of 1.52.
Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.21. Align Technology had a return on equity of 32.61% and a net margin of 17.00%. The business had revenue of $490.26 million for the quarter, compared to the consensus estimate of $472.10 million. During the same period in the previous year, the company posted $0.85 earnings per share. The company’s revenue for the quarter was up 37.5% compared to the same quarter last year. On average, research analysts predict that Align Technology, Inc. will post 4.98 EPS for the current fiscal year.
In other Align Technology news, CMO Raphael Pascaud sold 10,500 shares of the business’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $361.00, for a total value of $3,790,500.00. Following the sale, the chief marketing officer now directly owns 25,087 shares of the company’s stock, valued at $9,056,407. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Simon Beard sold 3,895 shares of the business’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $384.48, for a total value of $1,497,549.60. Following the completion of the sale, the senior vice president now directly owns 3,577 shares in the company, valued at $1,375,284.96. The disclosure for this sale can be found here. Insiders sold 55,648 shares of company stock worth $20,577,327 over the last three months. Corporate insiders own 1.40% of the company’s stock.
ALGN has been the topic of several research reports. BidaskClub lowered Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 31st. Stifel Nicolaus lifted their price target on Align Technology from $350.00 to $375.00 and gave the company a “buy” rating in a research report on Friday, July 13th. Northcoast Research restated a “buy” rating and set a $430.00 price target on shares of Align Technology in a research report on Tuesday, June 26th. Bank of America initiated coverage on Align Technology in a research report on Monday, June 25th. They set a “buy” rating and a $420.00 price target on the stock. Finally, Barclays restated a “buy” rating on shares of Align Technology in a research report on Thursday, July 26th. Four analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $363.09.
Align Technology Profile
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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